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  "docSlug": "c1709c763a52",
  "documentTitle": "Resideo Technologies, Inc. (REZI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-01-27 00:00:00",
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  "pageNumber": 40,
  "pageCount": 93,
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  "notes": "The slide uses a table to contrast historical incentive metrics with the current 2024 structure, highlighting the removal of Operating Cash Flow as a key concern.",
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      "text": "Our concerns about REZI's growing rebate reserve are magnified by the fact that for the first time, the definition of net revenue affecting management's short-term bonus accounts for “rebates” and “other customer incentive programs”.",
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      "text": "short-term incentive targets: 50%",
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      "text": "Our concerns about REZI's growing rebate reserve are magnified by the fact that for the first time, the definition of net revenue affecting management's short-term bonus accounts for “rebates” and “other customer incentive programs”. Moreover, net revenue now accounts for 50% of the short-term bonus which gives management greater incentive to accelerate revenues with incentive programs. We are also alarmed that operating cash flow is no longer factored into the incentive structure.",
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      "text": "Source: Proxy statements. 1) Adjusted EBITDA plus changes in working capital less adjusted capital expenditures during the year. Subsequently changed to just cash flow from operating activities.",
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      "text": "We Are Troubled By Recent Changes To Short-Term Incentive Goals",
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